Part 1: Instructions for completing and submitting this oral assignment
Completing the oral assignment
For this oral assignment you are required to complete the following tasks:
Part 2: Preparation for oral assessment: You must complete and submit your responses in this document.
Part 3:Oral response to questions: To be completed by audio recording. Your assessor will complete the checklist.
Part 4: Role play: To be completed by audio recording with a volunteer. Your assessor will complete the checklist.
Part 2: Preparation for oral assessment
To prepare for your oral assessment you are required to complete the following questions:
Question 1
How do you assess theneed to adjust your interpersonal style to talk with different types of client? Provide two (2) examples(e.g. where there is a language difficulty).
Question 2
You have a new client, Jeff Smith, and have just made an appointment to meet with him.
Compose a professional email to send to Jeff, confirming the appointment, outlining the purpose and time of your firstmeeting. Your email should also name the document/s you have attached for him to read prior to this meeting. (For this assessment there is no need to attach the document/s.)
Question 3
In Parts 3 and 4 to this assessment you will act as a broker and will be required to make an audio recording. Prepare a list of resources and equipment you will need for these oral assessments.
Question 4
Aside from the resources and equipment identified in Question 3 what will you do to prepare for the delivery of the loan proposal in Part 4 Role play? You can refer to the case study information in Part 4. What communication techniques would you use to respond to any difficult questions.
This question demonstrates your ability to plan ahead for your interaction with the customer.
Part 3: Oral response to questions
Make a 10 minute recording of yourself answering the following questions. Before you start make sure you have read the resources in your subject in KapLearn to assist you with your oral assessment by audio recording. Leave the second column blank so your assessor can record a summary of your oral response. You will need to rehearse your responses before the oral assessment, to ensure that your responses are within the maximum timeframe.
(Note: No volunteer is required when you complete these questions.)
Questions
1. You are a broker who charges a fee for your service. You are meeting a new client, Stephanie Jones, for the first time at your office after an initial cold call. The purpose of the meeting is so that you can start to gather information about her existing financial situation and needs. After introducing yourself to Stephanie, there are two documents you must provide her with, as well as disclosures you are required to make.
Name the two (2)documents you must provide to Stephanie and explain the disclosures. In your answer, give one (1) example of how you would check with her that she understands these disclosures.
(Disclosures should include, but are not limited to, the range and limitation of your services, complaint handling process and the way you are remunerated.)
2. Stephanie has acknowledged that she understands the two documents and disclosures. She then begins to tell you more about her current financial situation.
Describe how you could:
- encourage Stephanie to express her needs and goals
- determine her current investment and assets position
- consider various home loan options for her.
3. This is Stephanie's first home purchase. She is very happy with all of your advice and has made a decision on which loan option she would like to take. She now asks ‘what happens from here?'
Describe to Stephanie how you will assist her by:
- outlining the key documents you will require from her
- describing the steps that will occur from this meeting through to the settlement
- liaising with all relevant parties to keep the loan on track
- describing how you will keep her informed.
4. After talking with friends, Stephanie expresses some resistance with committing and says she is a little worried that possible increases in interest rate will be too difficult for her to handle.
Identify and address the concern underlying Stephanie's resistance. To address her concern, provide her with options that will limit the impact of such rises and reduce her risk.
5. A final decision on Stephanie's loan application has been deferred by the credit approver due to property valuation coming in $15,000 lower than purchase price and taking LVR to just over 81%. The loan required is 80% of the purchase price and you are not sure Stephanie can come up with more cash contribution right at this time. You have spoken to the valuer, who will not change the value.
Describe how you would approach the lender to try to get the loan approved. Assuming that all other aspects of the proposal are strong, what would be some key points of the applicant or the proposal that you would emphasise to the lender in a bid to get loan approved. You may make positive assumptions about the applicant, as considered appropriate.
6. A few months have passed since Stephanie's loan was approved and settled. Your broker business has now grown substantially to the point you now employ four staff members in support roles to assist you and the two other brokers in meeting clients' demands and liaising with lenders and other parties. You need to restructure the business to improve teamwork and processes.
Briefly outline what you would do to initiate these improvements, taking into account:
- how current allocation of duties could be improved
- how data collection and storage could be better managed across the team
- that you want to see improved communications within the team.
Part 4: Role play
You will participate in a role play for a maximum of 10 minutes. The role play will be conducted by audio recording.You will need a volunteer to assist you in the role play.
The role play will include you and a volunteer.
The volunteer needs to understand that this is part of your assessment. Provide a copy of the ‘Volunteer Guide' in your KapLearn subject to your volunteer so they understand what they need to do in your assessment.
Please note, that you will not be assessed on your acting ability, however you will be assessed on the criteria listed below the task under assessor feedback.
When you have just started recording your role play, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree before the recording may continue.
See the ‘resources' in your subject in KapLearn to assist you in preparing for your role play.
Task - Role play
You are required to complete the ‘role play oral assessment' which should take a maximum of 10 minutes.
To set the scene for this role play:
- You are required to present your analysis and recommendations to your client (your volunteer).
- Due to the need to get an approval so contracts can be signed, an appointment has been made but unfortunately one of them (this will depend on which role your volunteer plays- Philip or Jennifer) cannot be present as he/she has had to go interstate urgently to visit a sick brother.
- Your clients do not wish to delay this meeting as they are keen to hear what you have to present - information can be passed to the other over the phone, when needed.
- This oral presentation should focus on presenting your analysis of the couple'scurrent position, loan prospectsas well as your recommendation, covering the following essential points:
- a summary of your understanding of the clients' needs (this could be an outline summary of their proposed loan structure)
- a summary of their current financial position (use information from the case study)
- the product options you have considered that meet their needs (you should have researched at least two lenders) and details of the loan features; use the internet or if working in industry, internal software to do this
- the option you recommend and the reasons for the recommendation - explain how the recommended product meets the clients' needs (refer to the case study and explain why you are recommending this lender)
- confirm the key disclosures that have already been supplied to clients in the Credit Guide
- invite questions from the client and respond accordingly.
There are no rules regarding the format of your presentation, however it must be presented so that it is succinct and easily understood by clients. Please use the format that best suits you- this could include covering the detail you have prepared in a written proposal document.
The role play requires the volunteer to ask at least three(3) questions- with suggested questions provided in Volunteer Guide. However, the volunteer can ask other ‘unrehearsed' questions if they wish. Remember, you are not being judged on your acting ability. Your assessment is about how you communicate and interact with the customer. You may need to adjust your presentation of the proposal, depending on the time that the questions are asked. However; to manage time, you may ask the volunteer to keep their questions until you have finished presenting your recommendations.
The assessment criteria you will be assessed on includes the following:
- appropriate introduction and building rapport
- explore solutions that meet clients' goals and objectives
- present broker solution to clients' request
- explain relative fees and charges
- collaborate on risk identification
- response to questions,record customer feedback and actions taken.